Vitesco Technologies Group AG / DE000VTSC017
26.09.2024 - 13:22:05Vitesco Technologies Group AG: Guidance adjustment for fiscal year 2024 due to a settlement on the Group separation agreement between Continental AG and Vitesco Technologies Group AG
| EQS-Ad-hoc: Vitesco Technologies Group AG / Key word(s): Change in Forecast 26-Sep-2024 / 13:22 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Regensburg, September 26, 2024 – Today, Vitesco Technologies Group AG, headquartered in Regensburg, and Continental AG, headquartered in Hanover, have reached a settlement on the Group separation agreement between the two Groups. The agreement provides that outstanding claims related to the Group separation agreement between Continental AG and Vitesco Technologies Group AG in connection with investigations into the manipulation of exhaust values by the public prosecutors in Frankfurt and Hanover, which have been discontinued in the meantime, will be settled. Based on the agreement, Vitesco Technologies Group AG will pay an amount of 125 million euros to Continental AG. Since the related cash outflow will be due in the remainder of the third quarter of fiscal year 2024, Vitesco Technologies Group AG adjusts its free cash flow guidance for fiscal year 2024: Free cash flow (excluding integration costs associated with the Schaeffler AG merger) for the full year is now forecast to be at around -525 million euros (previously: approximately -400 million euros; FY 2023: 85 million euros). Following the agreement, all other financial key performance indicators of Vitesco Technologies Group AG’s fiscal year 2024 guidance remain unchanged. Important information: Various known and unknown risks, uncertainties and other factors could cause Vitesco Technologies' actual results, its financial position, growth or performance to differ materially from the figures presented herein. Explanations and reconciliations of key financial figures used can be found in the glossary of financial terms of the annual report 2023 of Vitesco Technologies Group AG (available at https://ir.vitesco-technologies.com/websites/vitesco/English/4000/reports-_-presentations.html). Contact: Heiko Eber, Head of Investor Relations Tel.: +49 941 2031 72348 E-Mail: heiko.eber@vitesco.com End of Inside Information 26-Sep-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | Vitesco Technologies Group AG |
| Siemensstraße 12 | |
| 93055 Regensburg | |
| Germany | |
| Phone: | +49 941 2031 0 |
| E-mail: | ir@vitesco.com |
| Internet: | www.vitesco-technologies.com |
| ISIN: | DE000VTSC017 |
| WKN: | VTSC01 |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1996529 |
| End of Announcement | EQS News Service |
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1996529 26-Sep-2024 CET/CEST
